Bitcoin Cash is on the march ahead of its upcoming network upgrade. Bitcoin Cash (BCH) burst back into the market capitalization top 10 rankings on Thursday after a 36% overnight surge compounded 68% growth for the week. The per coin valuation of BCH climbed from $1,068 to $1,462 in under 24 hours leading into Thursday, adding to a notable increase from its weekly low in the $800 range.
Bitcoin Cash’s market price has been on the rise since the start of the year along with the rest of the cryptocurrency sphere. So too has its overall usage according to on-chain data from Bitinfocharts. The number of daily Bitcoin Cash transactions rose from 20,000 in December to over 150,000 at the time of publication — a 650% increase.
Between February and April, Bitcoin Cash regularly processed more transactions on a daily basis than Bitcoin (BTC), peaking at 414,000 to Bitcoin’s 229,000 on March 21. However, the same data source shows less growth in the number of transactions coming from unique addresses, which only increased 25% from 40,000 to 50,000 — a figure one-fifth of that seen on Bitcoin.